As Pakistan Petroleum Limited (PPL) marks 75 years of service with a ceremonial celebration at the Karachi Golf Club on 17 June 2025, it is not only a time to recognise longevity, but to reflect critically on what sustains corporate institutions — and what imperils them.

Corporate history is filled with tales of giants that faltered. The East India Company, established in 1600, grew to dominate trade across Asia. For over two centuries, it enjoyed extraordinary power — military, economic and political. But in the aftermath of the Indian Mutiny of 1857, it was dissolved by the British Crown. A potent symbol of unchecked expansion, its fate remains a cautionary tale of what happens when institutions outgrow accountability.

A more recent and instructive example is the Hudson's Bay Company (HBC) of Canada. Founded in 1670, HBC was one of the oldest and most iconic companies in North America. Originally created as a fur trading business, it evolved into a vast retail empire, owning department stores, land holdings and financial interests.

For over three and a........

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